The 'Save 12k in 2013' Thread!

Reue

Just wondering what people 'count' as saving for this target? For instance is it only cash thats been banked or are people also including pension contributions, employee share-saves, money saved off bills etc?

Twiggy_34

Reue wrote: »

Just wondering what people 'count' as saving for this target? For instance is it only cash thats been banked or are people also including pension contributions, employee share-saves, money saved off bills etc?

Personally I only count what goes into my dedicated savings account. But toward the end of the year I may add in any extra's, e.g. when I count up my £2 coins, but won't be going as far as adding interest from my other accounts like my ISA. I think it's individual preference, and there certainly aren't any rights and wrongs as such. The main goal I believe is to help motivate us with increasing our savings, and personally, I only want to keep a simple tally, not for it to become a hassle or stress.

youngsaver1995

Twiggy_34 wrote: »

Personally I only count what goes into my dedicated savings account. But toward the end of the year I may add in any extra's, e.g. when I count up my £2 coins, but won't be going as far as adding interest from my other accounts like my ISA. I think it's individual preference, and there certainly aren't any rights and wrongs as such. The main goal I believe is to help motivate us with increasing our savings, and personally, I only want to keep a simple tally, not for it to become a hassle or stress.

Would have to agree with this. This thread isn't like a competition between members to see who can save the most, and so what is considered to be savings by each member doesn't particularly matter, as everyone has their own goal in mind. This is just a way to motivate people to save money. We set our own savings goal, and therefore can set our own conditions. I'm personally counting money in the bank and interest earned, but I havent yet got a pension, bills to pay etc. Happy saving .

Lomcevak

Reue wrote: »

Just wondering what people 'count' as saving for this target? For instance is it only cash thats been banked or are people also including pension contributions, employee share-saves, money saved off bills etc?

There are lots of different approaches to this, and there's no right or wrong.

My take is that this challenge counts just what I save from take-home pay, so I don't count pension contributions (which for me are salary-sacrifice) and money saved off bills only counts if I actually bank the difference instead. Any 'extra' earnings outside take-home pay (e.g. Quidco, ebay) goes to the 'make £2013 in 2013' challenge instead, but again only if I actually bank it.

But that's just my version; works for me, and as the previous poster said the motivation is seeing other people doing so well, rather than competition.

trixie4

£100 more and I will have equalled last year's savings!

YoungBusinessman

I, like the majority It seemed(last time it was discussed anyway) just count what I have in savings that I didn't have at the start of this year with finishing total being what I have on the 31st December 2013 and that's my total savings for year. Not really saving If I save £2k this month the spend it on a holiday in August.

nat21luv

Go trixie go!

Hoping to add a few pennies to the jar in the morning from students. I've won a nice amount of comps in the last few days and will be selling them all, as much as I would like them, I want the money more

girlatplay

Reue wrote: »

Just wondering what people 'count' as saving for this target? For instance is it only cash thats been banked or are people also including pension contributions, employee share-saves, money saved off bills etc?

I also only count money I physically save in my savings account. I count the monthly interest (2p/3p or whatever) that gets added each month to that account and when I reach £100 I transfer it to my ISA. I will not be counting the ISA interest though, that is a bonus.

BessieBooBoo

Hello all (waves to new faces :j)

I use MSE as the way of the saver:

Shopping - price compare for best deals, reduced items (get only what we like and will eat, and freeze, even cheese, butter, milk as well as meat, ready meals, pastries, etc.). Use charity shops for clothes, shoes, gifts (can get some new/unopened and its a good cause!). Save gift bags for re-use, occasionally good paper too. Old cards make gift tags, or home-made cards, only buy underwear new (in the sales!).

Utilities - ditch and switch to get best deals, via MSE.

Credits cards, banks - same, only use interest free, cash back credit card when I need to e.g. on-line shopping. Pay off in full.

Big items - research on-line, look for deals, e.g. recent new specs for OH from specsav*rs. They have free lenses, free varifocals, free tint, and 2 for 1 on frames.

Holidays - on the cheap in the tent (my back!) in the furthest place south! With a heater. Get a discount for being in the 'Club' (E.g. Camping and caravanning one, get offers, free prizes in their mag, etc.)

Food - batch cook meals, freeze portions, fill any gaps in freezer with water filled bottles (good to have some spare for emergencies too), cook what I can from scratch, forage for free food e.g. blackberries, sloes, chestnuts.

Cleaning - use MSE tips, e.g. white vinegar, bicarb, allsorts of good tips on here.

Read the savings threads! Only modest savings in an ISA as we don't earn much. Pay ourselves first e.g. S/O from current account to savings.

If I get more hours, on a regular basis, I hope we can live on OH salary and save mine. We've done this before and paid off mortgage early. So, we know it can be done, despite the frozen wage increases and increasing prices of everything else. We are also growing a bit of our own salad and herbs, and I am learning how to preserve any surplus...

Erm. There's more we do, but, I have gone on a bit, haven't I?

HTH

Keep on saving

BBB

[Deleted User]

Thanks for changing my target SF. :A